VC9
ConstructionValuation Breakdown
Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.
Valuation Track Record
Retroactive intrinsic value vs actual close price — VC9
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
VC9 exhibits a Beneish M-Score of -2.2693, indicating a lower likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 78.4/100 reveals weaknesses in revenue recognition, which could pose risks in the context of Vietnam's accounting practices.
- The eq_revenue score of 3.5/100 indicates significant concerns regarding revenue recognition, suggesting potential issues with revenue reporting.
- The DEPI ratio of 2.2921 is notably high, indicating that the company may be recognizing revenue prematurely, which could lead to future earnings adjustments.
- The earnings quality score of 78.4/100, particularly strong eq_accrual (96.9/100) and eq_cash_conv (100.0/100), suggests that cash flows are being well managed and that accruals are not excessively aggressive.
- The low DSRI of 0.7770 indicates that inventory levels are well managed relative to sales, which is a positive sign for operational efficiency.
The ownership structure shows a high concentration with Công ty TNHH Đầu Tư Và Xây Dựng Tng holding 53.1%, which may lead to governance risks and potential conflicts of interest, particularly in decision-making processes.
Investors should closely monitor revenue recognition practices and consider a deeper analysis of operational cash flows before making investment decisions. Engaging with management on their revenue policies may provide further clarity.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for VC9 — hover nodes for intel, click to navigate